Chandigarh's real estate

Things You Need To Know About Chandigarh’s Real Estate Market

Are you interested in buying a property in Chandigarh? The time is just about right if you are thinking about making an investment.  Are you planning to buy a property in Chandigarh? The time is perfect leading developers are entering the real estate market of the city. A couple of years ago, people were only interested in independent houses and luxury villas.

But now, since the reputed real estate are making their way into this beautiful city, people are showing their interest in spacious apartments. Let’s take a deeper look into the Chandigarh’s real estate market:

Popular Localities

popular localities

The best residential locations in Chandigarh are Dera Bassi, Sector 2, Madhya Marg, Mullanpur, Sector 15, Chandi Mandir, Sector 35, Zirakpur, and Panchkula. Buying property in these residential areas can turn into a very profitable investment. Mohit Bansal Chandigarh suggests that investors should consider buying property in these areas.

The Price Trend

Price Trend

Data has shown that the prices for 2 BHK apartments in Chandigarh are close to Rs. 45 lakhs. On the other hand, a 3 BHK apartment will cost you around Rs. 1.04 crore. If you want to go with apartments with higher configurations say 4 BHK and 5 BHK, it will cost around Rs. 2.36 crore and Rs. 3.55 crore respectively.

Of course, the rate also depends on number of other factors like the size of the house, locality, the quality of construction etc. Buying apartment in Chandigarh would be a beautiful investment.

Type of property

Type of property

If you’re looking for 1BHK flats, you can easily get such property for around Rs. 10 lakh. There are areas like Dera Bassi where such kind of options are available. However, if you are looking for some decent looking flat in the range of Rs. 25 lakh to Rs. 75 lakhs, then you can buy flats in areas like Kharar, Dera Bassi, Zirakpur, Sector 23, Panchkula Sector 20, Mohali Sector 125, and Dhakoli Zirakpur. There are many other areas for you to consider as well.

For someone who is looking for plotted developments, areas like Sector 21, Sector 44, Phase 2, Sector 33 would be your best bet. The plots are available with the size range of 4,000 to 18,000 square feet. The rates for these plots can go as high as Rs. 20 crores but they are negotiable.

Rental values

Rental Values chandigarh's real estate market

Data shows that there are almost more than 2,400 properties which are available for rent in Chandigarh. The price ranges from Rs. 3,000 per month and can go up to Rs. 3 lakhs per month. Some of the famous plush locations are Sector 5, Sector 9, Sector 15, Sector 33, Sector 34, Mohali Kharar, Panchkula Sector 18, etc.

If you don’t have a handsome budget, then localities which would be perfect for you are Zirakpur, Nayagaon, Sector 47 Chandigarh, Panchkula, etc. Renting these place would not hurt your pocket much and are fairly cheaper options for you.

Is this the right time to buy?

right time to buy real estate

So, it is a fairly important question that you should be asking. According to the experts, once you are all set with your finances and have found the right house for you, then the time is right for you to buy the property.  

For people who bank on the data, we have some awesome news for you. The prices of the properties are at their best as compared to the previous years. For example, the prices of properties in 2013 were Rs. 6,700 per square feet and now you can get it at reasonably better rates. The prices have dropped since August 2017. The present rate is Rs. 5,200 per square feet.

Also, there are other important factors as well which comes into play. For example, the location, the brand, and the size as well. Besides, authorities are taking important steps to make the city even more liveable than ever. A lot of policies have been introduced which are easing up things for the interested home buyers in Chandigarh.

No New Homes To Be Constructed Under PMAY

No-New-Homes

The Chairman of Chandigarh Housing Board has already confirmed that no new houses are to be constructed under the PMAY scheme which is Pradhan Mantri Awas Yojana Scheme. The 450 beneficiaries who are already qualifying for the scheme would be given the flats from the existing projects in Maloya.

There are almost 4,960 flats which are already under construction in Maloya. They would be given to 4,000 slum dwellers and the others are supposedly planned to be used for PMAY scheme.

Read: Common Houses Around The World

No Property For Offenders

no property for offenders

The state has been in a constant fight with drug abuse and stuff. Captain Amrinder Singh has decided that the people who have acquired the properties through trade of narcotics and smuggling should be seized by the law enforcement agencies. It has been stated that the properties older than six years of age will not be seized under the provisions of new act the time the case is being registered.

That is all you needed to know about Chandigarh’s real estate market. If you are looking to buy a property in Chandigarh, you cannot overlook these factors. You would be able to make a better decision once you are familiar with all these things about the real estate market of Chandigarh. Mohit Bansal Chandigarh suggests that one must do their research before investing money in real estate.

 

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